1. Expressed in terms of the amounts of goods and services that something is worth at market prices. 2. Adjusted for inflation. 3. Referring only to real economic variables as opposed to nominal, or monetary ones, as in real models. 4. Used with "appreciation" or "depreciation," refers to the real exchange rate. Thus a real appreciation means that the nominal value of a country's currency has increased by more than its relative price level may have decreased, so that the prices of its goods relative to foreign goods have increased. 5. The name of one unit of the Brazilian currency. One real equals 100 centavos. Pronounced "ray-all'".